Wells Fargo approves multimillion-dollar payout to veterans

Wells Fargo(WFC) will refund an estimated $10 million to veterans who refinanced their VA mortgages between Jan. 20, 2004 and Oct. 7, 2010.
Roughly 60,000 VA loans were refinanced in that time period, and each household will receive $175 each. The refund is a settlement to a class-action lawsuit brought against the bank for alleged overcharges on mostly closing costs associated with title searches.
A spokesperson for the bank told HousingWire that it will send letters in the near future to all eligible borrowers.
JPMorgan Chase(JPM) recently refunded fees it was found to be overcharging military families in recent months. In February, Chase announced a stable of new programs that will provide mortgage assistance and modifications for those who service the armed forces.
Cara Heiden, co-president of Wells Fargo Home Mortgage said in an emailed statement that the bank is focused on righting the mistakes.
"Since the lawsuit allegation was raised, we have diligently worked with our veteran customers who inquired about their fees and we refunded them if there was an error in the third-party charges that were assessed," Heiden said. "We hope that by settling this matter, we can demonstrate to veterans our steadfast commitment to doing right by them."
Write toJon Prior.
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